Question

What is the cost of goods manufactured? Average Total Assets $25,807,250 Beginning Inventory $1,060,400 Cost of Goods Sold $7

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Answer #1

Answer

  • Beginning inventory + Cost of Goods manufactured – Ending Inventory = Cost of Goods Sold
    $ 1060400 + Cost of Goods manufactured - $ 1381155 = $ 7373500
    1060400 + Cost of Goods manufactured – 1381155 = 7373500
    Cost of Goods manufactured = 7373500 + 1381155 – 1060400
    Cost of Goods manufactured = $ 7,694,255
  • Correct Answer = Option #2: $ 7,694,255
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